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1901 I 587

Greenville, NC 27834
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Acres38

Acres(Lot)

Parcel 23817 contains +/- 38 acres (per my measurement of the aerial tax map) of woodland on the north and the south side of the I 587 corridor. The acreage on the north side of the I 587 W corridor has access via Silas Lane, a gravel private right of way, and is in the Greenville ETJ. It is zoned RA 20 for low density residential use. The property owner reports the cell tower has been purchased by Crown Castle Towers 09, LLC and the site is no longer leased. The south side contains a billboard that is leased to the Lamar Companies. The billboard site will most likely be purchased by the Lessee. The most recent lease renewal became effective on June 17, 2019 for a 10-year term. The lease specifies an automatic 10-year renewal at the same terms and conditions. Thus, the lease is relatively long-term with approximately 14 years remaining on the term. Owner reports that the annual rent is $2,000. No rent escalations are specified in the lease agreement. The Lessee has the Right of First Refusal to purchase the billboard site if the Lessor elects to sell the property. The Lessee also has the right to purchase a perpetual easement for the billboard site for 6 times the annual rent or $12,000 if the Lessor opts to sell the property. The Lessee also has the right to terminate the lease at lease at any time by providing written notice. Nevertheless, the lease is expected to be renewed for the foreseeable future. The value of this lease is calculated by discounting the income stream to present value. A 6% discount rate is used in this analysis since this rate appears to be appropriate in the current market. The present value factor for an ordinary level annuity at a 6% discount rate for a 14-year term is 9.294984. Thus, the present value of the $2,000 annual income stream is $18,589.97. The legal description is outdated as well as the acreage for the property on the county tax site from where I 587 passed through decades ago. It will be the buyer's responsibility to obtain a survey for title insurance.

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Detail Ic Property Details

Property Type : Land

Price : $120,000

AD Id : 79142132

MLS Id : 100576174

Lot Size : 38 Acres(Lot)

County : Pitt

Subdivision: Harrisburg

  • Map Map

Map

Feature Features

  • Lot Information

    Main Square Feet: 38 Acres Lot Size Acres: 38 Lot Size Square Feet: 1655280 Lot Description: See Remarks

    Property Information

    Subdivision: Not In Subdivision Source Property Type: Land

  • Listing Price Information

    Listing Price: $120000 Cash, Conventional

  • Tax Information

    Parcel Number: 023817 Tax Block: N/A Tax Year: 2025

  • School Information

    Elementary School: Falkland Elementary School
    Junior High School: Farmville Middle School
    Senior High School: Farmville Central High School
  • Utility Information

    None
  • Location Information

    Direction: For the north side, you would take a dight on Evans St, left on Dickinson Ave, right on Spring Forest Rd, left on Silas Ln, Land is behind the cellphone tower. For the south side you would take a right on Evans St, left on Dickinson Ave, right on Spring Forest Rd, Continue on Mozingo road turn left onto I587 W the land will be on the right side. WaterSource: None
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The data relating to real estate on this website comes in part from the Internet Data Exchange program of Hive MLS. All information is deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor ByOwner shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data. Copyright ©2026 Hive MLS LLC. All Rights Reserved.

ByOwner last updated this listing 06/12/2026 @ 17:45

MLS: 100576174 LISTED BY: The Tingen Team, Berkshire Hathaway HomeServices Prime Properties SOURCE: Hive MLS (North Carolina Regional)

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